New owners of Save the Children building eyeing options

Published 9:30 pm, Monday, September 9, 2013

The anticipated buyers of an iconic Westport office building could not pass up the opportunity to buy the Wilton Road complex, and now they are weighing options for the property.

The fate of the sprawling 58,771-square-foot building that has been the home of Save the Children since 1974 still has not been decided, said David Waldman, principal in David Adam Realty in Westport and part of a partnership that recently signed a contract to buy the property.

"We don't have any plans yet. My partner and I are still evaluating what we want to do," said Waldman, who declined to disclose his partner's identity.

Waldman also declined to disclose the purchase price for the deal, scheduled to close in November. The property was listed for sale in January by Cushman & Wakefield's Private Capital Group.

"We sought bids. We had nine bidders, and David checked all the boxes," said Al Mirin, executive director of Cushman & Wakefield, commenting that Waldman has a solid resume and strong financial backing to complete the purchase.

Located on 2.59 acres at 54 Wilton Road, the building sits on 2.59 acres, and its place along the Saugatuck River provides many options. Constructed in 1960, the building was renovated in 2003. It has 179 parking spaces.

"It's a strategic location downtown with strategic waterfront access," said Waldman, developer of Bedford Square at Main Street and Post Road, a project calling for a mix of retail, restaurant and office space, as well as 26 one- and two-bedroom apartments.

Located in the town's general business zone, the Save the Children building, a two-story structure, could be converted into a variety of uses, according to Laurence Bradley, Westport's planning and zoning director. The general business zone allows for retail, restaurant, bank and office uses, according to Bradley, who said veterinary hospitals, recreational uses and multi-family units are allowed with special permits.

"I have not talked with Mr. Waldman about his plans for the building," he said.

The future location of the Save the Children headquarters remains unclear.

"We want to stay in Fairfield County," said spokesman Jeremy Soulliere. "We have a history here."